Economic Hightlights 12.12.2024: After November CPI Data, Nasdaq Composite Closes at Record High
12 thg 12, 2024
U.S. Consumer Price Index Meets Expectations, Boosting Nasdaq Composite to Record High
At the close of trading on December 11, the Nasdaq Composite rose 1.77% to 20,034.89 points, marking an all-time high and a record close. The S&P 500 gained 0.82% to 6,084.19 points, while the Dow Jones fell 0.22% to 44,148.56 points.
The U.S. Consumer Price Index (CPI) for November met expectations, increasing by 0.3% from October and 2.7% year-over-year. Core CPI rose by 0.3% for the month and 3.3% year-over-year.
Market sentiment suggested that, although inflation rose more sharply than the previous month, it was still insufficient for the Federal Reserve to halt rate cuts in its upcoming meeting.
The USD rebounded to 106.24 points, while the 10-year U.S. Treasury yield climbed to 4.286%.
Gold and Silver Prices IncreaseSpot gold rose 1% to $2,719.40 per ounce, and gold futures increased 1.4% to $2,756.4 per ounce.
Silver (January 2025): Gained nearly 1%, closing at $32.662 per troy ounce.
Platinum: Edged up 0.2% to $950.8 per troy ounce.
Copper (January 2025): Declined by 0.3%, settling at $4.2245 per pound.
Oil Prices Surge Following EU Sanctions on Russia
Brent crude rose 1.84% to $73.52 per barrel, and WTI crude surged 2.48% to $70.29 per barrel.
This increase came after EU ambassadors agreed on December 11 to impose a 15th round of sanctions on Russia over its war in Ukraine, as announced by the EU presidency of Hungary. WTI crude rose by over $1 per barrel following the sanctions announcement.
Additionally, data from the Energy Information Administration (EIA) showed that U.S. gasoline and distillate inventories rose more than expected last week, adding downward pressure on oil prices earlier in the week.
Source: SFVN (Compiled)
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